This invention relates generally to automated cash-handling machines, and more particularly to a machine for changing large denomination currency into small denomination currency.
In certain types of business establishments, customers routinely expect an employee of the business to change currency, typically twenty dollar bills, into smaller bills, especially one dollar bills. Examples of such businesses are video game parlors, casinos, and exotic dance establishments.
In casinos, many automated gambling games, such as slot machines, require insertion of a dollar bill to start play. Customers can obtain dollar bills in exchange for larger bills from a cashier. In bars and other venues where exotic dancers perform, customers often give the dancers tips Dollar bills are a common tip, which customers usually obtain from a waitress in exchange for a larger bill.
Customers have typically obtained the cash they bring to the business from an automated teller machine (ATM), which nearly all dispense only twenty dollar bills In some cases, there is an ATM associated with the business establishment so that customers can replenish their cash supply as needed Many ATMs charge a transaction fee for their use. The transaction fees are typically small, yet are a source of irritation to many of the customers who use them to obtain cash.
In both casinos and dance establishments, customers may wait a long time to receive change from an employee of the business. The time the customer spends waiting is unproductive from both the customer""s and the business owner""s points of view. An employee is also tied up with making change instead of doing more productive work. Humans sometimes make errors when changing currency, which can cost the business either money or goodwill, depending on who was xe2x80x9cfavoredxe2x80x9d by the error.
There had been a need for a more productive method of changing customers""currency into dollar bills in casinos, exotic dance establishments, and other businesses where customers employ a great many dollar bills There is additionally a need for an automated method of providing change that does not tie up much of the employees""time and does not make errors. There is a need for an automated method of changing currency that does not increase business costs yet does not alienate customers by charging an unpalatable transaction fee.
The present invention is an automated apparatus for changing currency, such as twenty dollar bills, into a combination of smaller currency, such as dollar bills, plus other non-cash items.
The apparatus is largely made up of standard cash handling equipment commonly available. A bill accepter/validator receives a twenty dollar bill proffered by a customer and checks its value and authenticity. A programmable controller calculates what will be given in exchange for the bill. A combination of dollar bills and non-cash items are dispensed to the customer.
The non-cash items are items that have a certain xe2x80x9ccash equivalent valuexe2x80x9d to the customer and a smaller xe2x80x9ccost equivalent valuexe2x80x9d to the business where the currency changing machine is in use. The combined value of the dollar bills and the xe2x80x9ccash equivalent valuexe2x80x9d of the non-cash items is preferably equal to or greater than the value of the bill proffered by the customer. The combined value of the dollar bills and the xe2x80x9ccost equivalent valuexe2x80x9d of the non-cash items is preferably less than the value of the bill proffered to the business.
For example, the present currency changing machine, if located in a casino, might be programmed so as to return sixteen dollar bills and a coupon for a free cocktail in exchange for a twenty dollar bill If cocktails in that casino sell for $4 and cost fifty cents to make, the coupon""s cash equivalent value to the customer is $4 and its cost equivalent value to the casino is 50¢. The customer believes he has received the equivalent of twenty dollars in change, but the casino owner believes he has returned only $16.50 in change for the twenty dollar bill.
The difference between the cash equivalent value and the cost equivalent value subsidizes the cost of buying and operating the currency changing machine so that no transaction fee need be extracted from the customer.
Many modifications and variations of the present invention are possible. The machine can be adapted to accept a range of currency and to provide variable combinations of cash and coupons. Also, the machine can be adapted to return all non-cash items, such as a combination of gambling or game machine tokens and coupons in exchange for a large bill. The machine can be adapted to provide other denominations of currency in the change, such as a combination of ten, five, and one dollar bills in exchange for a hundred dollar bill Many variations are envisioned but not specifically illustrated or described.
The features and advantages of the invention will be readily understood when the detailed description thereof is read in conjunction with the accompanying drawings wherein like reference numerals refer to like parts throughout.